CrossBoundary Energy has received a $45m (€42.1m) investment from the Emerging Africa & Asia Infrastructure Fund (EAAIF) to support commercial and industrial (C&I) renewable energy projects across Africa.
EAAIF, a Private Infrastructure Development Group (PIDG) company and impact debt finance fund managed by Ninety One, said the funding – which is part of a broader $300m senior debt facility led and arranged by The Standard Bank of South Africa – will drive the expansion of solar, wind, hybrid energy and battery energy storage systems (BESS).
CrossBoundary Energy operates in nine African countries, including Nigeria, Somalia, Sierra Leone and Madagascar. The company’s operational portfolio consists of 25 projects, with 60MW of generation assets and 22MWh of BESS.
Additionally, the company has projects under construction, signed, or awarded, totaling approximately $560m, including 440MW of generation assets and over 570MWh of BESS.
Esther Chan, director, Ninety One, said: “Our funding contribution to CrossBoundary Energy Holdings marks a significant milestone as EAAIF’s first commercial and industrial energy investment in Africa, complementing the fund’s investments in numerous utility-sized renewable energy projects.
“In our partnership with CrossBoundary Energy, our shared objective is driving Africa’s clean energy transition and economic transformation by enabling job-creating industries to thrive.”
Pieter Joubert, president and CIO of CrossBoundary Energy, said: “The success of our current portfolio and future pipeline proves that the demand for energy-as-a-service – particularly in mining, telecommunications, and industrial sectors – is higher than ever.
“The contribution from EAAIF will significantly support our business by providing finance now that will assist with further scaling of our portfolio. We’re grateful to funders like EAAIF who share our commitment to furthering clean growth in Africa.”
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